Users have sent more than $48 million worth of cryptocurrency to government wallet addresses, about 24% of the platform’s $200 million target.
Cryptocurrency exchanges FTX and Kuna and betting platform Everstake have partnered with Ukrainian government officials to launch a donation site for users who want to send cryptocurrencies to help the country and its people.
In an announcement on Monday, Ukraine’s Ministry of Digital Transformation said the government had launched Help for Ukraine, a platform that accepts donations in Bitcoin (BTC), Ether (ETH), Tether (USDT), Polkadot (DOT) , Solana (SOL). ), Dogecoin (DOGE), Monero (XMR), Icon (ICX) and Neo (NEO) “to support people in their fight for freedom”. Many parts of the country have been attacked by the Russian army since 24 February.
According to the site, users have sent over $48 million worth of cryptocurrencies at press time, about 24% of the platform’s $200 million target. The funds will be sent to the National Bank of Ukraine and will be used for “ammunition and essential items” to support the country’s armed forces and humanitarian aid programs. Fiat donations to the central bank of Ukraine are also accepted in various currencies.
“Aid For Ukraine shows how the global cryptocurrency community and the traditional financial system can work together,” said Anatoly Yakovenko, co-founder of Solana Labs. “Crypto donations to the DAO are stored and governed on-chain, then transferred to FTX, a centralized exchange, to be sold for fiat dollars sent via SWIFT to the Ukrainian government.”
Crypto has proven to be a real lifesaver thanks to its ease of use. We at @mintsyfra make cryptocurrency donations even easier. Together with @everstake_pool and @FTX_Official we announce https://t.co/8LsgXj0HSB, a website where you can donate cryptocurrencies to save Ukraine. — Alex Bornyakov (@abornyakov) March 14, 2022
The platform consolidated the list of wallet addresses previously provided by the Ukrainian government using its Twitter account. However, since the Russian invasion of Ukraine, some cryptocurrency companies have also announced that they would donate to Ukraine. Kraken promised to distribute $1,000 to each user who created an account in the country before March 9, while Bored Ape Yacht Club said it would correspond to a donation of $1 million in ETH.
Related: Ally or Suspect? The war in Ukraine as a stress test for the cryptocurrency industry
Cointelegraph reported that as of March 9, various government-run organizations and wallets have received more than $108 million to help Ukraine. The funds earmarked for Ukrainians come amid economic stress in Russia due to sanctions imposed by the United States and the European Union. Many private companies, including major banks Goldman Sachs, Visa and Mastercard, have cut ties with the country in the past two weeks.